S Mundra, Deputy Governor, RBI on Tuesday said that inter-bank account portability will bring about clients effortlessly moving far from one bank to the next and prompted banks to get ready for this consequence.

With increment in Aadhaar enrolment and innovation headways, banks and stakeholders must begin considering and get ready for bank account number portability to be made into reality, said the Reserve Bank of India on Tuesday.

“With technological advancements in the field of payment systems such as UPI (unified payments interface) etc. coupled with massive enrollments under Aadhaar and their linkage to individual bank accounts, it (account number portability) has come within the realms of possibility,” said Mundra.

“As such, the prospect of an aggrieved customer silently moving her account to another bank in the near future has become very real.” Mundra urged the Indian Banks’ Association.

Bank account portability can be empowered by connecting bank records to Aadhaar, which is thought to be a column in India’s advanced foundation. Sunmesh Joshi, Assistant Director General, Unique Identification Authority of India(UIAI) named Aadhaar as the lasting monetary address which will empower nationals to move starting with one bank then onto the next.

Today there are numerous things that should be considered, for example, the IFSC code, bank account number, portable cash identifier (MMID) number for IMPS, client relationship number, and so on to distinguish one particular bank account.

This can be made conceivable with the Aadhaar payments bridge system (APBS) created by the Unique Identification Authority of India (UIDAI) and NPCI. The APBS can course exchanges to an individual in view of his Aadhaar number if the bank subtle elements are connected to Aadhaar.

On the off chance that the arrangement succeeds, India will be the very first nation to receive such a system.

14790